Company briefs

Sin-Tang Development acquired a blocking stake of 10.77 per cent in iron ore explorer
Sphere Minerals
, up from its 8.48 per cent stake. The $428 million takeover bid for Sphere by Anglo-Swiss mining giant Xstrata needs 90 per cent minimum acceptances, which means it’s now dependent on Sin-Tang’s support. Singapore-based Sin-Tang, which has strong Chinese connections, lifted its stake in Sphere on Friday. To date, Xstrata has only secured a relevant interest in Sphere of 8.35 per cent. Luke Forrestal

Mobile phone entertainment company
MobileActive
said the Australian Competition and Consumer Commission commenced proceedings against two of its subsidiaries relating to mobile telephone services. The company said its directors were taking legal advice. Staff reporter

Ridley Corp
said it would not proceed with the next stage of residential redevelopment investigations of the Dry Creek salt fields outside Adelaide. While Ridley said the redevelopment of the site was viable, potentially providing up to 10,000 dwellings, the salt fields were under a long-term supply agreement and after looking for alternative sources of salt supply, Ridley decided the redevelopment was not feasible. Carrie LaFrenz

Invesco Australia has lifted its stake in
Billabong International
from 6.1 per cent to 7.1 per cent. National Australia Bank also became a substantial shareholder with a 5.3 per cent holding. Carrie LaFrenz

OrotonGroup
chief executive
Sally Macdonald
has sold 47,000 shares at $7.70 per share in an on-market sale. She now holds 748,570 shares, or a 1.8 per cent stake, in the luxury accessories retailer. Carrie LaFrenz

Kathmandu Holdings
chairman
James Strong
said the economy may continue to adversely affect spending, according to the annual report released on Friday. Chief executive officer
Peter Halkett
’s total remuneration was $NZ716,249 ($728,411). This compares with a total remuneration of $NZ1.8 million the year before. Chief financial officer Mark Todd received a bonus of $NZ50,000 for the initial public offering, taking his total to $NZ377,861. Carrie LaFrenz

Africa-focused gold play
Adamus Resources
said drilling at the Nzema project in Ghana has intersected new zones of gold-bearing ore. Paul Garvey

Junior explorer
Ethan Minerals
said it had been granted four mining leases in Zambia that were “highly prospective" for copper and manganese. Paul Garvey